Astron Paper IPO subscribed over 12.38 times so far

Initial public offering (IPO) by Astron Paper & Board Mills got subscribed 12.38 times on the third day of bidding process till 5 pm (IST) on Tuesday.

The public offer has received bids for 17,34,31,720 shares against 1,40,00,000 shares offered by the company, NSE data showed.

The company has fixed a price band of Rs 45-50 per share for the ongoing public offer and it will close on December 20.


Incorporated in 2010, the company is engaged in manufacturing of kraft paper. Astron Paper has a manufacturing facility in Gujarat with an installed capacity of 96,000 mt pa as on the date of the red herring prospectus dated December 5, 2017 filed with the RoC, Ahmedabad. The company’s manufacturing facility is situated at Halvad, Gujarat and is well equipped with requisite plant and machineries and other facilities.

Pantomath Capital Advisors Private Limited is the book running lead manager to the offer.

The equity shares of the company are proposed to be listed on the NSE and BSE.

The company has plans to raise Rs 70 crore from the primary market to increase capacity and repay a portion of its debt.

After the initial public offer (IPO), the holding of its four promoters will reduce to 46 per cent from over 66 per cent.

Brokerage firm Ventura Securities, Choice Broking and Sushil Finance have given ‘Subscribe’ rating to the issue.